NEW YORK, NY / ACCESSWIRE / June 27, 2018 / Spectrum Pharmaceuticals saw its shares rise after a Bloomberg report revealed that the hematology and oncology company may be considering a sale. Shares of Sophiris Bio were bouncing in Tuesday trading after plummeting on Monday when Wall Street learned that a patient had died in the company’s ongoing phase 2b clinical trial for its prostate drug topsalysin.
RDI Initiates Coverage on:
Spectrum Pharmaceuticals, Inc.
Sophiris Bio, Inc.
Spectrum Pharmaceuticals, Inc. shares closed up 14.59% on about 6.4 million shares traded yesterday. The commercial-stage hematology and oncology company saw gains after Bloomberg reporter Manuel Baigorri published an article yesterday that said that Spectrum might be looking to sell itself. According to Baigorri, Spectrum has attracted takeover interest from fellow drug-makers and cited "people familiar with the matter." The report said that the company has hired financial advisers from Jefferies Financial Group to work with it on the potential sale of the business, but no decisions have been made. The company has seen its shares almost triple in the last two years. Spectrum Pharmaceuticals has a market value of over $2 billion.
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Sophiris Bio, Inc. shares closed up almost 35% on about 6.3 million shares traded. It was a nice bounce back for the biotech stock after it slipped almost 46% in premarket trading on Monday. The company had announced that a patient had died in its ongoing phase 2b clinical trial for topsalysin, its prostate cancer drug. Sophiris announced that the death had happened the same day that the patient was administered the drug for the second time and is investigating the death. The company also said that it will not administer the drug a second time any more for patients to be safe. CEO of the company, Randall E. Woods, commented, "We are extremely saddened by the death of a patient after receiving a second administration of topsalysin. Understanding the cause of the patient's death is our first priority and essential to determining the potential for re-administration of topsalysin in future clinical trials." Over 450 patients have received a single administration of topsalysin at various doses so far. Mr. Woods has also said, "We believe that the safety and biopsy data from the first administration of topsalysin supports moving forward into potential registration studies. We will continue to evaluate whether future clinical development will include an option to administer a second dose as we receive more information about the patient death and additional information from the 10 patients who received a second dose. We will be able to evaluate this towards the end of this year."
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